Economy - Abia ThinkTank News

Feb

2025

The Cryptonomics Effect: Trump’s Law Ignites US Crypto Market Growth! – By Dr. Chukwuemeka Ifegwu Eke

Columns/Opinions/Letters, Economy, Foreign Affairs, International

The Cryptonomics Effect: Trump's Law Ignites US Crypto Market Growth! The recent signing of the crypto law by Trump marks a significant milestone in the development of cryptonomics in America. This law establishes a comprehensive framework for the regulation of digital assets, providing clarity and certainty for crypto businesses, investors, and enthusiasts. One of the key provisions of the law is the establishment of the Presidential Working Group on Digital Asset Markets. This group will play a crucial role in shaping the country's crypto regulations, ensuring that the crypto market operates in a safe and transparent manner. The group's membership…

Jan

2025

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CBN Clears Outstanding $7 Billion FX – CBN Gov, Cardoso Says

CBN/Commercial Banking, Economy, FGN, News Flash

Outstanding $7 Billion n FX Cleared – CBN Gov, Cardoso Says Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced on Wednesday that the Federal Government has cleared the outstanding $7bn foreign exchange backlog to various firms following a successful verification exercise by forensic auditors. Cardoso disclosed this at the launch of Nigeria’s Regulatory Policy Framework organised by the Presidential Enabling Business Environment Council. The event, which was tagged the regulators’ forum, took place at the State House Conference Hall in Abuja. Addressing the audience, Cardoso explained that the bank was optimistic the clearance of the $7bn backlog would…

Jan

2025

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NLC Announces Date For Nationwide Protest Over Telecom Tariff Hike

Economy, Labour, News Flash

NLC Announces Date For Nationwide Protest Over Telecom Tariff Hike The Nigeria Labour Congress (NLC) has resolved to hold a nationwide anti-telecom tariff hike protest on Tuesday, February 4. Our correspondent learnt that the nationwide protest was agreed on at the ongoing National Administrative Council (NAC) meeting of NLC. It is aimed at sounding a note of warning to the government that workers would resist the planned hike as it would worsen the poverty level across the country. NCC approved a 50% tariff increase for mobile network operators. Recall that NLC had, on January 22, rejected the 50 percent telecommunication…

Jan

2025

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Governor Otti And ABIA State’s Nano Entrepreneurs – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance

Governor Otti and Abia State's Nano Entrepreneurs Street trading is a ubiquitous feature of urban landscapes in many developing countries. In Umuahia, a city with a thriving informal economy, street traders are a common sight. These entrepreneurs, mostly young people, brave the elements to sell their wares, from fresh produce to second-hand clothing. According to a recent survey, there are over 100 street traders in Umuahia, contributing significantly to the city's economy. However, despite their importance, street traders face numerous challenges, including harassment by law enforcement, competition from formal businesses, and limited access to finance and markets. This caption resonated…

Jan

2025

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The Otti Doctrine: A Paradigm Shift In Inflationary ‘Politics’ – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy, Good Governance

The Otti Doctrine: A Paradigm Shift in Inflationary 'Politics' In a bold move, Governor Otti has decreed the immediate freezing of inflation in Abia State. This audacious policy initiative has sent shockwaves throughout the economic establishment, leaving pundits scrambling to decipher the underlying logic. By invoking the hitherto unknown concept of "inflationary stasis," Otti has effectively declared war on the scourge of rising prices. A Marxist-Capitalist SynthesisOtti's unorthodox approach blends the dialectical materialism of Marxist theory with the laissez-faire ethos of capitalist ideology. By seizing control of the means of production (in this case, the monetary supply), Otti aims to…

Jan

2025

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Rethinking Economics: The African Way – By Dr. Chukwuemeka Ifegwu Eke

Africa, Columns/Opinions/Letters, Economy

Rethinking Economics: The African Way When African culture and philosophy drive economics, we can expect to see a unique blend of traditional values and modern economic principles. This integration has the potential to create a more holistic, community-driven, and sustainable economic system. Ubuntu Economics is a key concept in this context. It emphasizes community and collective well-being, prioritizing social welfare and mutual support. Economic decisions are guided by principles of solidarity and cooperation, fostering a sense of interconnectedness and interdependence. Afrocentric Economic Development is another crucial aspect. It focuses on indigenous knowledge systems and local resources, promoting cultural heritage and…

Jan

2025

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President Tinubu Inherited N87.38 Trillion Debt, Not N21 Trillion – DMO Clarifies

Economy, FGN, News Flash, Politics

Tinubu Inherited N87.38 Trillion Debt, Not N21 Trillion – DMO Clarifies The Debt Management Office (DMO) has debunked recent media reports claiming that President Bola Ahmed Tinubu inherited N21 trillion in public debt which arose to N142 trillion. In a statement issued by the DMO on Monday, the agency said the actual total public debt as of June 30, 2023 after President Tinubu took office stood at N87.38 trillion. President Tinubu took office on May 29, 2023. The DMO clarified that the figure includes the external and domestic debt of the Federal Government of Nigeria (FGN), the 36 states, and…

Jan

2025

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Presidents Don’t Need Globetrotting To Attract Investments – Peter Obi Comments As President Tinubu Lands In Tanzania

Economy, News Flash, Politics

Presidents Don’t Need Globetrotting To Attract Investments – Peter Obi Says As Tinubu Lands In Tanzania The 2023 presidential candidate of the Labour Party, Peter Obi has said that presidents need not travel the whole world to attract foreign investments into the country. Obi in a post made on his X account said investments flow naturally where the environment is conducive as there would not be any need to force it. Describing investment and conducive environment as a honey and bee kind of relationship, the former Anambra State governor said Foreign Direct Investment does not come with presidents globetrotting. He…

Jan

2025

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Abia Business And Finance News: A Pulse On ABIA Economy – By Dr. Chukwuemeka Ifegwu Eke

Abia State, Columns/Opinions/Letters, Economy

Abia Business and Finance News: A Pulse on Abia Economy The streets of Abia are a testament to the resilience and determination of its people, particularly the street traders who eke out a living amidst daunting challenges. These traders, mostly women and young adults, brave the scorching sun, torrential rains, and dusty roads to sell their wares, ranging from fresh produce to second-hand clothing. Despite their hard work, they struggle to make ends meet, trapped in a cycle of poverty and financial insecurity. Their daily struggles are a reflection of the broader economic challenges facing Abia, including limited access to…

Jan

2025

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Why FGN Approved Tariff Increase For MTN, Airtel, Glo, Etisalat – Minister

FGN, Economy, Information Technology, News Flash

Why FG Approved Tariff Increase For MTN, Airtel, Glo, Etisalat – Minister The Minister of Communication, Innovation and Digital Economy, Bosun Tijani, says the federal government approved a 50 per cent tariff hike for telecommunication companies to sustain the industry. Mr Tijani added that the new tariff would allow telecommunication companies to be able to invest in new infrastructure and improve connectivity. He said this at the maiden Robotics and Artificial Intelligence Nigeria (RAIN) summit, on Saturday in Ibadan with the theme: “The Rain of Transformation is upon us: CEOs Arise.” The minister urged Nigerian youths to drive technological progress…